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  1. #13
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    Quote Originally Posted by Section 502 Raven View Post
    an aggressive real estate agent is not a good start. the agent is very important and rarely is the first one you find the best one to use. you are making what may be your largest investment. you have to have the expectations that the agent has to work for you and satisfy your requests. you asked about how to determine if a house is over priced. you should request comparable sales from your agent, the percent of offer price to asking price in the area, average days houses are on the market so you can compare to your targeted house, region practice for paying certain closing costs. in Virginia the seller pays the points. we closed on a place in Houston texas for my daughter where the buyer usually pays the points. everything is negotiable but there are strong regional practices that are usually followed.

    you can do a lot of work on your own as well. find a real estate website and research the offerings in the zip code where you want to live. this will allow you to formulate market prices on your own.

    to address your original question, a RE attorney won;t be able to help you in finding a house but i would suggest a RE attorney for your closing versus a title company doing the closing. it may cost a couple of hundred more but i have been burned buy stupid title company closings.

    the biggest decision in buying a home is the real estate agent that you choose. don;t feel guilty about telling an agent that you don;t think has your best interests in mind to go pound sand. its a big investment, its your money and you worked hard for it. the real estate agent has no skin in the game. they get paid regardless of the success you have with your purchase. that being said there are very good agents out there. its just a matter of finding one that will listen to you and be your advocate.
    She basicallyy told us that untik we got pre qualified, we were wasting our time because we didnt know what we qualified for.

    Now, i have had a figure in my head based off of what we currentky pay in rent and how that would translate to a (total) mortgage. So, not entirely accurate, but I figure since we are comfortable with the rent we currently pay per month, then a mortgage witg monthly payments less than that should be ok.

    I dknt really like being told I have to do something like that and frankly, I dont want to get pre qualled on something and limit who I can get lending from, etc.

    The lender is a local Frederick guy she recommended.

    Sent from my DROID X2 using Forum Runner
    Disclaimer: The content posted is of my own opinion.





  2. #14
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    Re: OT - Real Estate Question.

    my advice is to look up a lot of realtors. Start the process with one and go on a day of house hunting. Use that to get a feel for their style, if they are pushy or not seeming to care, then walk away and next person up. If they seem to get what you're trying to do, keep going with them.

    I'd recommend the one we used to buy our current house, but I have no idea where he is anymore. He was patient with us as we kept looking for a house that fit our budget and our style (brother in law uses a motorized chair, so we were looking for a house with not many steps to get in and solid 1st level).
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    “When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.


    Call me a Special Teams coach again. I dare you! I double dare you, MFer!





  3. #15
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    Quote Originally Posted by wickedsolo View Post
    That's the plan man! Problem with VA loans is they are verrrrrrry particular about the condition of the home. We are looking at homes that are 80-100+ years old.

    Sent from my DROID X2 using Forum Runner
    Nah.

    I bought a house in Fells that was built in 1910. VA gave me no issues at all.





  4. #16
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    Re: OT - Real Estate Question.

    Quote Originally Posted by wickedsolo View Post
    She basicallyy told us that untik we got pre qualified, we were wasting our time because we didnt know what we qualified for.

    Now, i have had a figure in my head based off of what we currentky pay in rent and how that would translate to a (total) mortgage. So, not entirely accurate, but I figure since we are comfortable with the rent we currently pay per month, then a mortgage witg monthly payments less than that should be ok.

    I dknt really like being told I have to do something like that and frankly, I dont want to get pre qualled on something and limit who I can get lending from, etc.

    The lender is a local Frederick guy she recommended.

    Sent from my DROID X2 using Forum Runner
    That is true though. You really need a preapproval before you can get serious about looking.





  5. #17
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    Re: OT - Real Estate Question.

    Quote Originally Posted by Paintballguy View Post
    That is true though. You really need a preapproval before you can get serious about looking.
    Keep in mind too...mortgage + utilities. My mortgage isn't great, but what ends up really killing us is the utility bills. Namely, heating oil. I can deal with the water bill and the electric bill....

    For a prequalification, you could look for a mortgage broker, that way they will be working through multiple lenders. We worked with one for both our home buys. Granted, we also worked with one on our first crack at re-fi, and that company was absolutely TERRIBLE. But, my co-worker has a brother who owns a mortgage brokerage, and his mother works there too. Let me see if I can find the name for you...I didn't use them, but I went to them for advice when the 1st re-fi was starting to fall apart and they recommended I run screaming from the company...
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    “When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.


    Call me a Special Teams coach again. I dare you! I double dare you, MFer!





  6. #18
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    Re: OT - Real Estate Question.

    Quote Originally Posted by Paintballguy View Post
    That is true though. You really need a preapproval before you can get serious about looking.
    I get that.

    You know, I just don't like basically being given an ultimatum like that.

    Emailing me twice a day, texting me at 9pm at night, leaving voice mails, trying to connect with me on facebook and linked in...just to see if we've spoken with her mortgage guy...I don't know. That is a bit "used car salesman-ish" for me.

    Am I wrong for feeling that way?
    Disclaimer: The content posted is of my own opinion.





  7. #19
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    Re: OT - Real Estate Question.

    Quote Originally Posted by RavenScallywag View Post
    Keep in mind too...mortgage + utilities. My mortgage isn't great, but what ends up really killing us is the utility bills. Namely, heating oil. I can deal with the water bill and the electric bill....
    We currently are renting a town house in Arlington, VA right now...trust me, the rent here is equivalent to like a $550-600K mortgage. We're not looking for anything near that. So, I'm not too concerned with a mortgage payment plus water/elect/heating/etc.

    I would, however, like to not have oil-based heat. We have looked at several houses that have that already installed (old houses), which isn't a big deal, but one of the first things I would do is put central heating & AC in the house.

    For a prequalification, you could look for a mortgage broker, that way they will be working through multiple lenders. We worked with one for both our home buys. Granted, we also worked with one on our first crack at re-fi, and that company was absolutely TERRIBLE. But, my co-worker has a brother who owns a mortgage brokerage, and his mother works there too. Let me see if I can find the name for you...I didn't use them, but I went to them for advice when the 1st re-fi was starting to fall apart and they recommended I run screaming from the company...
    Thanks man. I guess I am just kind of nervous about the whole thing because the housing market has been so crappy for a few years that it just feels like EVERYONE is trying to take advantage of new home buyers.
    Disclaimer: The content posted is of my own opinion.





  8. #20
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    Re: OT - Real Estate Question.

    Quote Originally Posted by HoustonRaven View Post
    Nah.

    I bought a house in Fells that was built in 1910. VA gave me no issues at all.
    Interesting.

    How long ago was that though? A lot of lending companies have really tightened their belt regarding what they'll finance and what they won't.

    I've been told that the VA will require you to fix things like chipping paint, etc before they even say ok.
    Disclaimer: The content posted is of my own opinion.





  9. #21
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    Re: OT - Real Estate Question.

    We just re-did our boiler this year and I tried like hell to get natural gas, but it was going to add a TON of money from BGE re-doing the lines into our house, then someone piping the lines to the boiler, and then getting the oil tank out. So begrudgingly, had to stay with oil heating.

    I'd just guard your interests. Sure there are probably some people who are trying to take advantage, but I think that some people are just SO desperate for business, they are probably trying everything to get you something. The only thing I can think of with an agent is an exclusivity agreement. I remember having to sign one with our past agent, and it was more of a cover for him to make sure we didn't use him to find the house, then back out and try to buy it on our own. Just read and understand what it entails and you should be fine.

    This is truly a buyer's market. Homes have sat on the market so long sellers either get depressed and give up or get desperate. That's how we got our house now, it sat on the market for a year and the guy was partially a flipper...he was a contractor who bought the house and fixed it up for 2-3 years hoping to turn it around and get another one. So by the time we made offers, he was just done with it.
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    “When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.


    Call me a Special Teams coach again. I dare you! I double dare you, MFer!





  10. #22

    Re: OT - Real Estate Question.

    There shouldnt be anything keeping you from firing your current agent, and finding one you like better. You may feel bad about it, but you have to look out for your own interests first and foremost.





  11. #23
    Join Date
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    Cool Re: OT - Real Estate Question.

    Quote Originally Posted by wickedsolo View Post
    We have been working with an agent. She seems pretty successful, but she is very aggressive. Not really sure how I feel about that.

    We are looking over in the Frederick area, northern Montgomery County, etc.

    We are looking for an older home, so the market is kind of limited.

    Sent from my DROID X2 using Forum Runner
    Wicked,

    Since you are also looking for an older home, be sure to get a really top home inspector if you find a potential place you are interested in. We bought a place in Chapel Hill that was built in 1971 and had it completely redone since it's our retirement home. Even though our home inspector was top notch there were things we uncovered during upgrade work that no inspector would have uncovered unless all of the walls and the ceiling were ripped out and the entire structure was analysed. Housing standards have improved over the decades so a lot of things allowed many years ago (materials, structural, health and safety requirements, etc.) have to be factored in with purchasing an older home rather than just things like redoing bathrooms and the kitchen.

    I could tell you more about unexpected things we uncovered but it would take too long to explain here (and we love our place and are glad we purchased it). All I'm saying is, besides the home inspector, be sure to have some additional money set aside for additional home upgrades for things an inspector would not reasonably be expected to uncover.

    Good luck!





  12. #24

    Re: OT - Real Estate Question.

    Quote Originally Posted by wickedsolo View Post
    I get that.

    You know, I just don't like basically being given an ultimatum like that.

    Emailing me twice a day, texting me at 9pm at night, leaving voice mails, trying to connect with me on facebook and linked in...just to see if we've spoken with her mortgage guy...I don't know. That is a bit "used car salesman-ish" for me.

    Am I wrong for feeling that way?
    are you wrong? NO... but really, without a prequal, the realtor is pissing in the wind. They really have no reason to show you even a single house withouta prequal. They don't get paid until you buy a house, so showing you houses they have no idea if you even qualify for is asking a lot of someone. Many sellers don't even like to show houses unless the buyer is prequalified.

    So I hate to put it this way, but until you are prequalified you are honestly wasting everyone's time looking at houses, your's included.

    To put it another way, if you do find a house you like, the fact that you are not curretnly prequalified precludes you from putting an offer ona property that will be taken seriously, and could easily cost you the house you desire. It really should be the first step you take, prior to even looking at houses. It's jsut how it works.

    A prequal doesn't limit you to anything, or even bind you to the particular lender that prequalified you. Though, again, if you choose a different lender you officially got someone to work for free... which, IMO is bad business. Yu really should shop for a Lender with a broad rang eof specialties first, and perhaps even have them suggest a realtor for the area you are looking at.
    Last edited by jonboy79; 02-16-2013 at 01:14 PM.





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